IMB Bank’s Reconciliation Action Plan (RAP) represents the financial institution’s commitment to supporting reconciliation and fostering meaningful relationships with Aboriginal and Torres Strait Islander peoples.
But as banks have historically played a significant role in bankrolling colonisation and its associated impacts on Indigenous communities, all banks should aim to address these past injustices while promoting economic independence and cultural preservation for First Nations people.
And while IMB’s RAP is rich in mentions of building relationships, respect and creating opportunities, a closer look reveals potential areas for scrutiny and improvement.
Because the question remains: Is IMB Bank’s plan a robust blueprint for genuine change, a well-intentioned but potentially underachieving effort or a sincere commitment to reconciliation?
ReconciliACTION Score
Reconciliation Action Plan Pros:
- Commitment to publicly report on RAP progress and complete annual RAP Impact Surveys by September each year.
- Development of a business case for Aboriginal and Torres Strait Islander employment.
- Implementation of measures to build understanding of current Aboriginal and Torres Strait Islander staffing levels.
- Development of a business case for procurement from Aboriginal and Torres Strait Islander owned businesses.
- Investigation into Supply Nation membership to support Indigenous businesses.
- IMB Bank Community Foundation has donated over $11 million to more than 800 community projects since 1999.
- Funding (amount not mentioned) for programs like Deadly Young Warriors, which targets early intervention and prevention for First Nations youth.
Reconciliation Action Plan Cons:
- Lack of specific metrics for success in some areas, making it challenging to measure progress objectively.
- Current number of Aboriginal and Torres Strait Islander staff is unknown, indicating a need for better data collection and tracking.
- No specified dollar amounts committed to procurement from Indigenous businesses, leaving financial commitments vague.
- While funding has been provided historically (since 1999) the RAP does not specify past and future financial commitments or targets for First Nations.
Conclusion
The RAP shows some transparency and a commitment to cultural learning and community support.
But there are many areas for improvement, particularly in specifying metrics for success and financial commitments for supplier engagement and future community support.
And overall, while IMB Bank’s RAP lays a foundation for reconciliation, continued effort and clearer targets will be essential to ensure its effectiveness and impact.
| Who | Reconciliation Claim | Barayamal Score | Public Score |
|---|---|---|---|
| RAP Our vision for reconciliation is one where the cultures, knowledge and histories of Indigenous Australians are accessible, understood and appreciated by all Australians. | 2/5 | 2.4/5 | |
| ASIC | RAP Ensuring that Aboriginal and Torres Strait Islander peoples can access the financial system and experience positive financial outcomes. | 3/5 | |
| Reflections Holiday Park | RAP Reflections will develop opportunities for cultural expression and celebration while delivering social, cultural and economic outcomes for Aboriginal communities. | 1/5 | |
| KPMG | RAP Guided by our purpose to ‘Inspire Confidence, Empower Change’, we are committed to placing truth-telling, self-determination and cultural safety at the centre of our approach. | 2/5 | 1/5 |
| Whitehaven Coal | RAP Promises Indigenous employment, economic opportunities and cultural engagement initiatives. | 1/5 | |
| IMB Bank | RAP Promises to foster meaningful relationships and create opportunities for Aboriginal and Torres Strait Islander communities | 1/5 | |
| Expedia Group | RAP Promises to foster reconciliation by enhancing relationships, respect and opportunities through targeted initiatives and measurable outcomes. | 1/5 | |
| BlackRock | RAP Commits to reconciliation through transparency, employment and community support. | 1/5 | |
| NSW Office of Sport | RAP Commits to advancing reconciliation through sport. | 1/5 | |
| HSBC | RAP Aims for Indigenous banking inclusion and developing supplier diversity. | 1/5 |